Archive · 3 Aug 2026
Brent Falls, Indian Fuel Prices Stay Steady Amid US‑Iran Deal Optimism
On August 3, the price of oil in the world fell because people were hopeful that the U.S. and Iran might make a peace deal.
In India, the government set the price of petrol and diesel so that people didn’t have to pay more even though oil prices were changing.
The biggest cities like Delhi and Mumbai saw only tiny changes in fuel prices.
The U.S. President, Donald Trump, said the U.S. had decided not to attack Iran and was looking for a deal to open the Strait of Hormuz.
Because of less rain in India, farmers and drivers needed more fuel, so sales went up in July.
Brent crude fell 7.3% to $81.55 a barrel amid optimism over a US‑Iran deal.
Indian retail petrol and diesel prices stayed largely unchanged on 3 Aug, with Delhi at ₹102.12 and Mumbai at ₹111.18 per litre.
State‑owned oil marketing companies shielded consumers from global price swings.
Trump said the U.S. had agreed to cancel a planned attack on Iran and was seeking a deal to reopen the Strait of Hormuz.
Indian oil companies saw a rise in sales in July due to below‑normal monsoon rainfall.
- Who
- U.S. President Donald Trump, Indian state‑owned oil marketing companies, Indian oil firms
- What
- Brent crude fell 7.3% and Indian retail petrol and diesel prices remained largely unchanged
- When
- 3 August 2024
- Where
- India (Delhi, Mumbai, Bengaluru, etc.) and global oil markets
- Why
- Optimism over a US‑Iran deal lowered Brent, while state companies shielded consumers from price swings
- Brent price
- $81.55 per barrel
- Delhi petrol price
- ₹102.12 per litre
- Mumbai petrol price
- ₹111.18 per litre
- US‑Iran deal optimism
- Yes
- State OMCs
- Set retail prices